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    Online Exclusives

    CPG Frugality Continues into 2013

    SymphonyIRI report recaps 2012 CPG trends and predicts trends for 2013.

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    Joanna Cosgrove, Online Editor03.07.13
    In its latest consumer product goods (CPG) Times & Trends market snapshot, “2012 CPG Year in Review: Finding the New Normal,” SymphonyIRI confirmed that despite the signs of economic recovery, consumers are still driven by recession-era frugality, prompting CPG marketers to transition to a more traditional marketing approach.
     
    “For 2012, we forecasted that shoppers would continue to define value largely based on price, manufacturers and retailers would pass ongoing commodity price increases on to the shopper, and private label sales would continue in their current ranges,” said Piyush Chaudhari, president of the Americas, SymphonyIRI. “These predictions largely came to pass, and we expect 2013 to resemble these same trends in many ways.”
     
    In addition to the frugality trend, the researchers identified the following trends that not only defined 2012 but were also set to shape the 2013 CPG marketplace:

    Shoppers will reduce the number of channels they visit. Share of consumers shopping at fewer than five channels grew three percentage points between Q1 and Q4 2012, and SymphonyIRI believed this would continue as shoppers limited spending to channels they perceived to offer the best value.

    While an increasing number of positive economic signs are emerging, shoppers would continue to remain intensely focused on value. Negative news about the federal budget deficit and costs of the new healthcare law, for example, serve to reinforce shoppers’ frugal behaviors left over from the last recession.

    The Millennial consumer is the new Baby Boomer. Numbering more than 50 million, the Millennial group is forming habits and loyalties that CPG marketers would be wise to tap into.

    “New” media is rapidly becoming traditional media. The trend of shoppers leveraging the Internet for information and deals is growing and will continue to gain momentum, as Millennials age and a new generation that is even more tech savvy than the millennial generation enters the market.

    Bolstered by consumers’ more proactive approach to health and wellness and a strong innovation pipeline, unit sales within the vitamins category grew 5.5% for the year. The grocery channel showed stronger growth versus industry average and drug across all vitamin category segments except liquid vitamins/minerals, where grocery lagged behind industry average by about one point. 
     
    “Within the vitamins category, the strongest growth came from liquid vitamins/minerals, which enjoyed unit sales growth of 28.7% for the year,” explained Susan Viamari, editor of Times & Trends, SymphonyIRI. “Also within the vitamins category, 1 & 2 letter vitamins grew 6.4%, multi-vitamins grew 2.9% and mineral supplements grew 2.2%. All of these growth figures compare to healthcare department unit sales growth of 2.9% across the multi-outlet geography.”
     
    To compete effectively in 2013, SymphonyIRI offered the following action items for CPG manufacturers and retailers to consider: 

    Identify opportunities and risks: Manufacturers should closely track the evolving competitive set at the channel and retail level, including traditional brick-and-mortar as well as the online arena, to ensure appropriate alignment of distribution strategies. Retailers should use value-oriented pricing and promotion programs to protect and grow share, particularly across categories that are most closely aligned with the needs and wants of key shoppers.

    Evaluate pricing and promotional strategies: Manufacturers should continually re-assess and adjust pricing to maintain optimal price gap between private label and name brand offerings. Retailers should adopt everyday pricing strategies that underscore their value proposition and rely on promotional pricing to address short-term tactical opportunities.

    Enhance new product development initiatives: Manufacturers should constantly evaluate product development opportunities at the value and premium ends of the spectrum, including those that address key consumer trends. Retailers should explore opportunities to partner with manufacturers to develop complementary national and private label assortments across categories.

    “The nation is far from having a firm foothold on growth and stability, and consumers and marketers alike are very aware of this reality,” said Ms. Viamari. “Consumers’ pursuit for value is as intense as ever, and it has served to amplify industry competition. Innovation that supports key shopper rituals, such as those around self-driven, home-based living, is being well received in the marketplace and will continue to help spur growth.”
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